By August 2015, Swiggy, an on-demand food delivery start-up, had been operating for almost one year in Bengaluru, India. The exponential growth of the business was expected to persist. Swiggy was incurring a loss, or a cash burn, on each delivery it was making. The company’s current cash reserves were also drying up, and its chief executive officer had been unsuccessful in attracting new venture capital funding to finance the cash burn estimated for the next four quarters. Swiggy must figure out how to pursue its growth without the injection of any fresh funds.